Lockdown impacts in 2021 smaller than last year
The more targeted, shorter lockdowns and restrictions in 2021 have so far had less impact on employment and household spending than the longer, broader lockdowns of 2020.
At its worst in the Stage 4 lockdown, Melbourne spending was down 31 per cent year-on-year, dining/takeaway spending was down 71 per cent year-on-year and shopping was down 47 per cent year-on-year, including -76 per cent year-on-year for clothing.
In contrast, Brisbane’s worst spending declines in 2021 so far are smaller, at -17 per cent year-on-year for total spending, -40 per cent year-on-year for dining/takeaway and -28 per cent year-on-year for shopping including -40 per cent year-on-year for clothing shopping.
ANZ Research expects future lockdowns to have less impact on spending as consumer confidence, employment conditions and economic activity recover. Short, targeted lockdowns tend to have less impact on overall business conditions and turnover than longer, broader lockdowns.